Morning Bell 7 August

Geoff Beeston
August 7, 2020

The Aussie share market is set to open flat this morning, following U.S. shares shaking off a slow start with the Nasdaq finishing above 11,000 for the first time in history.

The RBA statement on Monetary policy will be released at 11:30am today and the China trade balance for July will also be released. Tonight, U.S. July nonfarm payrolls will be released, which will shine further light on the employment situation in the U.S..

Gold extended its record rally for the fifth day in a row, with more indecision from U.S. lawmakers regarding a second COVID-19 stimulus package combined with a soft U.S. dollar, continued to support gold moving towards the US$2,100 mark.

Companies reporting today:

  • Charter Hall Long Wale REIT (ASX:CLW)
  • Insurance Australia Group (ASX:IAG)

Bell Potter Trading ideas:

  • Life360 (ASX:360) is rated as a Buy by Bell Potter, yesterday the stock closed at $3.90, rising 8% from Wednesday.
  • Looking at the small cap Agricultural REIT Vital Harvest (ASX:VTH), it is rated by Bell Potter as a buy. It recently provided second half distribution guidance of 1.5c, exceeding the Bell Potter forecast of 1.25c, putting this company on a historical cash yield of over 6% based on yesterdays close of $0.79c.

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